World finance chiefs give US till year-end to ratify IMF reforms

Russian Monetary policy chief Ksenia Yudaeva, German Finance Minister Wolfgang Schaeuble and Jens Weidmann, president of Germany's Bundesbank, pose for the International Monetary and Financial Committee (IMFC) family photo at the IMF/World Bank Spring meetings on April 11, 2014 in Washington. -- PHOTO: AFP

WASHINGTON (REUTERS) – Finance chiefs from around the globe on Friday gave the United States until year-end to ratify long-delayed reforms to the International Monetary Fund (IMF) and threatened to move forward without it if it fails to do so.

The inability to proceed with giving emerging markets a more powerful voice at the IMF and shoring up the lender’s resources appeared the most contentious issue for officials from the Group of 20 (G20) leading economies and the representatives for all IMF member nations who met with them.

In a final communique, G20 finance ministers and central bankers said they were “deeply disappointed” with the delay.

“I take this opportunity to urge the United States to implement these reforms as a matter of urgency,” Australian Treasurer Joe Hockey told reporters on the sidelines of the IMF-World Bank spring meetings.